Real Estate "Practice" Ch. 3 Terms

A Transfer Disclosure Statement must be provided to the buyer when the sale involves

a 3-unit residential building.

Compliance with environmental hazards disclosure requires

the buyer sign that they have received a booklet titled Environmental Hazards: A Guide for Homeowners, Buyers, Landlords, and Tenants.

An agent is required to disclose to a buyer that:

the property has earthquake weakness if it was built before 1960.

The Seller Financing Disclosure Statement provided to both buyer and seller provides

- disclosure of deferred interest. - credit terms. - a warning as to balloon payments.

An agent's inspection under Easton v. Strassburger (as codified by state statutes) applies to

- visual inspections. - accessible areas only. - 1 to 4 residential units.

A selling agent must comply with agency disclosures to the buyer

before the buyer executes an offer.

The earthquake safety disclosure statement

both applies to 1 to 4 residential units and must be signed by buyer and seller.

The proper order of the steps taken in agency disclosure is

disclose, elect, confirm.

A fiduciary relationship applies to a real estate licensee and to

his or her principal.

Real estate disclosure laws apply

primarily for 1 to 4 residential units.